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Credit Unions Executive Summary

772 Words4 Pages

Analysis
Credit Unions are faced with a very competitive market. The barriers to credit union growth range from restricted field of membership requirements, regulations on operations, and fierce competition from competitors in the market (Barrier, 2010). The credit union industry is changing and mergers and acquisitions are more common every day. Mergers and acquisitions do have some negative impacts on credit unions and the economy, such as job layoffs and reduced employment opportunities, particularly in middle management and upper-level management (Baker, 2016). There are also many advantages for credit unions when involved in merger and acquisitions. Mergers amongst credit unions give the credit union the ability to diversify their …show more content…

Lending, which has been a core product for credit unions, is becoming more competitive as additional lenders are entering the market. As new competitors enter the market, they continue to improve in their processes and threaten to take over some of the credit union market space (Strozniak, 2015). Consumers, particularly Millennials and Generation Z, are looking for more convenient was to do their banking (Strozniak, 2015). They are looking for alternate ways to check balances, make deposits, and make payments. Today is the day of the Smartphone, but new technologies continue to emerge and will continue to do so over the decades to come. The payment market has changed considerably as well. The days of cash, is being challenged, as new payment technologies are evolving. Today we are faced with chip technology and payments such as Apple Pay, Samsung Pay, Android Pay. Credit union members are looking to take advantage of these new payment options and technologies (Sauer, …show more content…

Consumers want a better digital banking experience. Consumers crave certain requirements from digital channels; they want to monitor all accounts in one place, anywhere at any time, move money when they want and how they want, security, they want it easy and it to work every time, and they want to view and do (action it) (MX, 2016). There is a strong link between customer (member) satisfaction and trust; trust is key in mobile banking (Zilker, 2015). It is estimated that 38% of customers will reduce the amount they bank somewhere due to a poor digital experience (MX, 2016). Keeping an eye on technology will be key for credit unions of the

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